Online payday lender Micro Lend UK Ltd has had its consumer credit licence suspended by the Office of Fair Trading (OFT). It marks the first time the OFT has suspended a payday lender’s credit licence as revealed it deemed the move “urgently necessary” to protect consumers. In a statement, the regulator confirmed it is now a criminal offence for Micro Lend or an employee of the business to engage in any consumer credit or credit broking activity using its licence. Micro Lend is based in North West London and is registered at Unit 3, Colindale Business Park, 126 Colindale Avenue, NW9 5HD. The business has been invited to make representations to the OFT by 24 March 2014 which, if made, will be taken into account by the OFT’s adjudicator who will decide whether to withdraw or confirm the suspension. The OFT has stated it is unable to reveal the reasons for its decision to suspend Micro Lend’s licence. The Financial Conduct Authority will replace the OFT as regulator of the consumer credit market from 1 April 2014......Read more here